Real Estate Glossary

Real Estate Glossary

Here's a quick review of key real estate terms - helpful for buying a house...or selling a house!

Appraisal: Estimated market value of a property.
Appreciation: An increase in the value of a home or other property.
As-is Condition: Buying a property in its existing condition.
Asking Price: A seller's initial requested price for their property.
Backup Offer(s): Secondary, tertiary, etc. bids for a property that the seller will accept if the first offer doesn't close.
Building Code: Safety standards within a specific area, a regulation determining design and materials used in construction.
Condominium: Multiple individuals own a specific housing unit in a multi-unit complex. Each owner also shares financial responsibility for common areas.
Cooperative (Co-op): Residents ("stockholders") purchase stock in a cooperative corporation that owns a structure. Each stockholder lives in a specific unit (based on shares owned) and pays for a portion of the building loan.
Counteroffer: A reply to an offer made for a house or property.
Deed: A document that transfers ownership of a property.
Disclosure: A statement to a potential buyer listing information relevant to a piece of property, such as the presence of radon or lead paint.
Heating, Ventilation and Air Conditioning (HVAC): A home's heating and cooling system.
Home Inspection: Examination of property's safety, structure and mechanical systems. The inspection alerts a potential buyer to any repairs that may be required.
Listing: A listing agent places a piece of property on the market for sale. Property placed on the market by a listing agent.
Market Value: The price a property sells for at a specific time.
Multiple Listing service (MLS): A database for all available listed homes in a specific region.
Multiple Offers: More than one purchase offer made on a property, generally in a hot market or neighborhood.
Open House: A house opened to the public for examination of the property.
Open Listing: A property given to a number of brokers to market.
Possession: Once the closing papers are signed, the buyer officially takes possession of the property and receives the keys.
Real Estate Agent: A sales agent representing a buyer or seller in a real estate transaction, paid on commission and licensed by an individual state.
Real Estate Broker: A broker can refer to a person or corporation licensed by a state to represent buyers or sellers in real estate transactions. Paid on commission, in addition to selling or gaining listings, brokers supervise licensed sales agents.
Realtor: An agent or broker who's a member of the National Association of Realtors.
Survey: A diagram showing legal boundaries, easements and the like of a specific property
Title: The legal document conferring ownership of a piece of real estate.
Walk-through: The buyer's final inspection of the property assuring the purchase agreement conditions have been satisfied.

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